The Financial Services Institute (FSI) today announced a significant victory for members and their clients by defeating a bill in California that would have restricted access to 403(b) advice products and services to a limited number of service providers. FSI believes that access to investment products and advice should not be arbitrarily limited. Such an approach inevitably increases costs and restricts investor access to needed advice to achieve their financial goals.
California Assembly Bill AB 1949 died on May 2 in the Assembly Insurance Committee. The changes proposed in AB 1949 would have harmed teachers, administrators and other employees in California’s public education system who are saving for retirement. The key to providing the best and most affordable service is choice and competition. Because this bill would have limited choice and reduced competition, FSI called on its members to submit letters in opposition. In addition, FSI testified in opposition to the bill before the Insurance Committee.
“This legislation’s end in committee signifies the strength of our members’ voices,” FSI President & CEO Dale Brown said. “We have worked and testified to ensure AB 1949 would end quickly so more investment service providers in California would be able to serve employees of educational entities. The access to independent advice–from several sources–should be readily open to individuals of all levels to foster affordability and diversity of advice. Giving individuals freedom of choice allows them to make smarter decisions to obtain quality advice for their own financial future. It is with our members’ help that we were able to halt this legislation.”
Please click here for a link to AB 1949.
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